BIG GANG THEORY

Moonves still knows little about merger

Les Moonves on Monday discussed the ongoing merger talks between his CBS and sister corporation Viacom — and time seemed not only to stand still, but to march backward.

The talks, chief executive said, are in “the very early stages.”

Just over a month ago, in discussing CBS’ third-quarter results, Moonves said the same talks “are still in the early stages.”

Any more give and take among the two companies’ investment bankers and they just might talk themselves out of a deal.

Moonves, apparently ready for any type of ending for the merger talks, insisted CBS is also “very happy the way we are as a stand-alone.”

It was not the first time the veteran media executive voiced that opinion.

Speaking at a Manhattan media conference, Moonves had little else to say about the widely expected reunion of CBS and Viacom, which were split a decade ago by controlling shareholder Sumner Redstone.

Redstone’s daughter, Shari, is leading the move to reunite the family’s $40 billion media empire — a move that picked up steam after National Amusements Inc., the family’s holding company, negotiated the exit of Viacom CEO Philippe Dauman in August.

“There are a lot of committees, a lot of lawyers and a lot of bankers,” Moonves said Monday. “But that’s about all I’m going to say for now.”

While Moonves is noncommittal on a merger, some have tipped him as the likely CEO of a combined entity.

Privately held NAI, which controls 80 percent of the voting shares of Viacom and CBS, is owned by 93year-old Sumner Redstone, who’s in failing health, and Shari.

Industry speculation is he doesn’t need the headache of turning around an ailing Viacom at a time CBS is “running on all cylinders” — which is how Moonves described his company to conference attendees.

The 67-year-old executive added that CBS is on track to hit the following targets by 2020:

$2.5 billion in annual retransmission fees and reverse compensation

4 million subscribers to CBS All Access

A stock price of $100. Its share price closed Monday at $60.99, up 1.4 percent.